Mgt 301 Final Exam

Front 1

3 roles of managers

Back 1

Decision making
information processing
interpersonal

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Decision making roles

Back 2

entrepreneurs
disturbance handler
resource allocator

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entrepreneurs

Back 3

someone who decides how to initiate a new project

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information processing roles

Back 4

monitor
disseminator
spokesperson

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interpersonal roles

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figurehead
leader
liason

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figurehead

Back 6

symbolizes the company/division

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leader

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take people to a new and better place

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liaison

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connect and coordinate different parts of the firm

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Adam smith

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The Wealth of Nations
dividing labor among laborers --> specialization --> expertise --> efficiency

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Fredrick Taylor

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Founder of scientific management
looked at each task in detail in hopes to find "the one best way"

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Max Webber

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German Sociologist
5 principles for the efficient company
bureaucracy

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5 principles for the efficient company

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a managers authority comes from the position they hold
position placement comes from expertise
everybody must have a job description
put them into an organizational chart
establish clear rules, policies, and procedures

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Mary Parker Follett

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Human side of management
4 principles

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4 principles of human management

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the worker knows more about the work than managers do
managers should coach and facilitate
workers should work in cross-functional teams
it is a persons knowledge and expertise that determines their authority

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Ethics - def.

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principles or beliefs about what is right or wrong, good or bad, prioritized or devalued

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why should managers behave ethically?

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to avoid harming others
to maintain and enhance our reputation
it is right

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4 building blocks for making ethical decisions

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fundamental rights
equality/justness/fairness
social approach
utility

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3 questions to think about when you've made a decision before you act on it

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does my decision fall within the usual and accepted standards of my profession?
am i willing to personally and openly communicate my decisions to all affected stakeholders?
will more than 1 party benefit?

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2 methods for making decisions

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classical method
administrative method

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classical method

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assumes that we can identify and evaluate all possible alternatives, and we can also see the consequences and outcomes of each alternative, and will therefore rationally, logically, and analytically chose the best course of action.

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administrative method

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bounded rationality

search for acceptable or satisfactory or first good enough alternative

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bounded rationality

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the idea that we have limits/boundaries on how much information we can process, the amount of time we can devote to analysis; we acquire more information that is nor perfect

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group think

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a biased way of decision making when the group is striving for a unified decision; blind commitment to a single course of action

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conditions to look for with group think

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presence of high emotions
pressure toward an agreement
culture of organization is not tolerant of diversity, criticism, and innovation
one person in the group who is highly dominant

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creativity

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the ability to discover new and novel ideas and courses of action

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innovation

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the implementation and commercialization of those creative ideas

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6 Corporate Strategies

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Concentration/Focus Strategy
Diversification
Vertical Integration
International Expansion
Low-Cost/Cost Leader Strategy
Differentiation

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Reasons for a corporate strategy

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gain, maintain, and sustain competitive advantages over rivals
gives you power over resources, money, technology, cash flow, finances, natural and human resources, and distribution channels

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Concentration/Focus Strategy

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simplest strategy
single product line
pick something good and focus on it
creates potent power
mostly small firms just starting out

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2 types of Diversification Strategy

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Related Diversification
Unrelated Diversification

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Related Diversification

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wal-mart going to sam's club
PG&E going to soap
go into a new field that has some way to share resources in some way such as ideas or resources

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Unrelated Diversification

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general electric maknig rockets
ITT stood for international telephone telegraph
if one area is weak, the other areas will keep it going

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Vertical Integration

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Value Chain
the more of the stages in the value chain you can do, the more profit you will make

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Value Chain

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Procuring => Transform => Holding => Promoting => Distributing

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Forward vs. Backward vertical integration

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Forward: moving toward the customer
Backward: moving away from the customer

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International Expansion

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To what extent do we customize products for different national cultures versus standardizing over products world wide for global efficiency?

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2 Strategies of International Expansion

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Global - sell same product everywhere in the world
Multi-Domestic - more effective

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Low Cost/Cost Leader Strategy

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Compete with price
budget model
must be perfectly efficient
run a danger of getting stuck in the middle (tempted to add more features)

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Differentiation

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Quality; luxury model
Must be very effective
run a danger of getting suck in the middle (pressure to economize)

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Corporate Pyramid

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CEO
Executives
Middle management
Supervisors
Workers

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Centralized Decision Making

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CEO makes every decision
more cost efficient

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Decentralized Decision Making

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workers able to make decisions to stop production (Toyota)
More effective
Flexible

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7 ways to organize an organization

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Functional
Product Structure
Divisional Structure
Geographical Structure
Customer Structure
Matrix Structure
Team Structure

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Functional Structure

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New, small, single product Companies, or ones pursuing a focus strategy

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Product Structure

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related diversification
VP is organized by product
Silo's
Efficient; not effective

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Divisional Structure

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unrelated diversification
each division is a Standard Business Unit (SBU)
no real need to communicate between silo's

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Geographical Structure

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multi-domestic strategy
VP is organized by location

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Customer Structure

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VP is organized through service groups (health care, government, defense, transportation, etc.)

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Matrix Structure

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high tech, innovative firms, and learning organizations
VP's cover many areas along functional departments, product lines, and products
2 bosses

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Team Structure

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law/consulting firms, advertising, and companies that work on a team basis
no silo's

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Span of Control

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Horizontal Dimension
the more professional your people, the less you have to supervise
if everyone does the same thing, you can manage more people
the higher you are in the organization, the fewer people work for you

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Horizontal Dimension

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the number of subordinates that report directly to a manager, the conventional answer is 6-8 people

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Chain of Command

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Vertical Dimension
the higher the complexity, the more levels you have

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Vertical Dimension

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the number of layers of management from the bottom worker to the CEO

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Herzberg - Motivation

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Maslow's 5 levels of needs; lower and upper levels
Physical and Safety needs are called hygiene factors
Esteem and Self actualization - motivators

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McClelland - Motivation

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3 needs must be met for motivation to occur;
Achievement
Affiliation
Power

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Equality or Fairness or Justice - Motivation

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P(My )/!) > P(Their O/I)

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Goal Setting - Motivation

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Goals must point to a higher purpose
Want your goals to be specific
Difficult but not impossible
Set goals together with your people
ask employees to show you necessary steps to achieve them
give employees clear and timely feedback on how they are doing

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BF Skinner - Motivation

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Father of Operant Conditioning

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Operant Conditioning

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Positive Reinforcement - reward positive behavior
Negative Reinforcement - take away a negative for good behavior
Punishment - negative consequence for negative behavior
Extinction - eliminate performance of dysfunctional behavior by removing whatever is reinforcing it

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Social Learning, Vicarious Learning, Role Modeling

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set a good example

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Types of Merit Pay

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Bonus
Piece Rate
Commissions
Profit Sharing
Employee Stock Ownership

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Holbein's Alternative View of Motivation

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Motivation cannot be manipulated
need to hire people who are motivated
motivation => performance

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Performance is basked on...

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skills and capabilities
circumstances

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Group vs. Team

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Group - collection of people interacting with each other
team - type of group; achieve a common shared purpose

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4 stages of team development

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Forming - socialize
Storming - allow for conflict
Norming - establish rules
Performing

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2 Types of Managerial Development

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Job rotation
Formal education

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3 Ways to Appraise

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Trait
Behavior
Results

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6 Steps for an Effective Performance Feedback Meeting

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Begin with a positive praise
be specific
focus on behaviors that can be corrected
give suggestions
give a time table
express your confidence in them

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"If you focus on what you can __1__ rather than _2__, they'll love and respect you - and these create a great foundation for building _3___."

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1. put into people
2. what you can get out of them
3. relationships

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"Before a leader can touch a person's heart, he has to know ___1___. He learns this by __2____."

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1. what's in it
2. Listenting

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2 purposes for listening

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1. connect with people
2. learn

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"Many a man would just as soon you ___1_____ as __2_____."

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1. Hear his story
2. Grant his request

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"Listen to the _1__ and you won't have to hear the __2__"

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1. Whispers
2. Screams

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Communication - 2 rules

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1. believe in what you say
2. live what you say

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"Every time you speak to people, give them something to __1__, something to __2__, and something to __3__"

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1. feel
2. remember
3. do

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"___1__ leaders are __2__"

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1. Insecure
2. Dangerous

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5 qualities of a good problem solver

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1. anticipate problems
2. accept the truth
3. see the big picture
4. handle one thing at a time
5. don't give up when their down

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Who was Bonham and why was he a responsible man?

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He fought in the Alamo; he could have simply ridden back to safety but he fought his way back through enemy lines and fought with his men.

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"You work 8 hours a day for __1__, everything else is _____2_____."

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1. survival
2. an investment in your future

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Octopus on roller skates is a story in which chapter?

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Self-Discipline

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Benjamin Franklin was __1__

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1. Curious

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"You're only as good as your __1__"

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1. Private Standards

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Bill Lear "was willing to risk his success, his fortune, and even his life to solve the mystery of those crashes - but not his __1__. And that takes __2__."

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1. Integrity
2. Character

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Character leads to what 3 things?

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Respect, Trust, Followers

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5 A's that make it hard to be a leader

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Arrogance
Aloneness
Adventure-seeking
Adultery
Addiction

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"If you're not content with a __1__, then you won't be content with __2__"

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little
lot

Front 88

"The measure of a leader is not ___1____, but ____2____"

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1. the number of people who serve him
2. the number of people he serves

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"Before I can even expect to lead others, I must first _____"

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learn to manage myself

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"Show me someone who things they're too important to __1__, and I'll show you someone who is __2__"

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serve
basically insecure

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"If you really want to become the kind of leader that people want to follow, you will have to settle the issue of _____"

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servant hood

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"If you want to lead at the highest level, be willing to _____"

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serve on the lowest

Front 93

What group of people should we be looking out for?

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Asians

Front 94

Kraft is expanding to which country?

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India

Front 95

Define behavioral economics

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people do not always act in their best interest

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What is happening to the American Dollar?

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It's on the decline

Front 97

Explain Bear Stearns

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Said he was comfortable with the performance of their investment funds 2 days after an e-mail that said funds should be shut down immediately

Front 98

Define social entrepreneurship; dilemma

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build a for-profit company with a social conscience
where will you find the money to finance?

Front 99

Comment?
Por Quoi?

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How?
Why?

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3 big problems facing small businesses

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1. health care
2. taxes
3. climate change - energy costs

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Car industry is moving to ____

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China

Front 102

3 areas Deloitte is stressing

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Ethics
Innovative thinking
Global awareness